Barclays plans to cut about 100 senior jobs, mostly in trading roles, as the British lender seeks to save costs.
The British lender will mostly cut managing director and director positions based in London and Asian financial hubs with a primary focus on trading roles, according to a Bloomberg report citing anonymous sources.
The cuts are already underway and the report named the departures of Jonathan Kitei, Americas head of securitized product sales; Tim Johnston, EMEA head of cash high-touch trading and sales; and Anindya Das Gupta, India head of treasury.
[The 2020 outlook will be] unquestionably more challenging now than it appeared a year ago"
Barclays said it laid off 3,000 employees in the second quarter of 2019. More headwinds can be expected with Barclays chief executive Jes Staleysaying in October that the 2020 outlook would be "unquestionably more challenging now than it appeared a year ago".
Several banks in Europe restructured their securities units last year by cutting thousands of jobs due to increasing competition from the US and a slowing home market. Among these banks were Deutsche Bank and Société Générale.